Nomura: to cut managers' pay, halt some ops over insider scandal

June 29, 2012 10:00 AM GMT

Nomura Holdings <8604.T> said on Friday it would cut the pay of chief executive Kenichi Watanabe and other managers and halt its institutional sales operations for a week as Japan's largest brokerage looks to resolve an insider trading scandal.

Nomura, announcing the results of an internal investigation into the matter, said Watanabe's compensation would be cut by 50 percent for six months, while that of chief operating officer Takumi Shibata would be lowered by 50 percent for five months.

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Nomura launched the investigation after regulators found the broker's employees had tipped off clients ahead of a series of planned share offerings it underwrote in 2010. The investigation is being overseen by three outside lawyers.

(Reporting by Nathan Layne; Editing by Michael Watson)

Copyright 2012 Thomson Reuters UK. All rights reserved.

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